On various occasions, Kendall Walton has put forward a theory of depiction based on the notion of make-believe: P depicts something only if in virtue of having a perception of P, one makes believe that that very experience is the perception of P’s subject. As a consequence, if an individual is not able to make believe, whatever they face in their perception does not count as a depiction for her. Yet there are many evidences from developmental psychology that show that very little children still unable to make believe can grasp a picture’s figurative value. As a result, Walton’s theory of depiction seems to be inadequate from an empirical point of view. Moreover, it also appears to be inadequate from a conceptual point of view. Walton’s ambition is to account in pretence-theoretical terms of what the twofold experience of seeing-in, which Wollheim took to be a necessary condition of depiction, amounts to. Yet relying on make-believe, hence on imagination, does not account for the genuinely perceptual character of the “seeing-in” experience. No treatment of imagination in terms of visualization seems to achieve such a purpose.